IAG has committed today, before the President of the Government, Pedro Sánchez, to continue betting on Spain and to invest 6,000 million in its national airlines over the next five years. The CEO of the British group, Luis Gallego, visited the Moncloa Palace this Friday where he outlined his plans for Iberia, Iberia Express, Vueling and Level. These 6,000 million do not include the business roadmap for Air Europa if the European Commission ends up authorizing the acquisition of the Globalia airline, a 400 million operation.
IAG's investments in Spain will focus on renewing the fleet of Spanish airlines, improving the customer experience, promoting innovation and transformation initiatives and consolidating its sustainability initiatives. In this last point, the British group wants to be a pioneer in the promotion of sustainable aviation fuel (SAF) to fulfill its commitment to use 10% of it in 2030. The European Union's bar is set for that date at 6%.
Four of IAG's six airlines are Spanish. The four operate 294 aircraft that serve more than 230 destinations. Gallego stressed to Sánchez that his group is "committed to the country and, specifically, to the growth of air connectivity in Spain and, therefore, to the promotion of its tourism industry." Last year 84 million visitors arrived, mainly by air.
The chief executive of IAG has also pointed out to Sánchez the group's plans to strengthen its activity in the hubs of Barcelona and Madrid, two airports that are essential for attracting international tourists, according to the company.
IAG continues to work on the purchase of Air Europa to merge the airline with Iberia. The operation is in Phase 1 of analysis by the European Commission, although the holding company has already recognized that the presentation of its route transfer plan, the so-called "remedies", necessary to guarantee community competition, will be delayed until Phase 2. This implies that the EU's approval of the acquisition will be delayed until the second half of the year.
IAG recognizes that the operation will be fundamental to transform the Madrid-Barajas hub, consolidate its leadership in the South Atlantic, continue growing towards the United States and support the development of connectivity with Asia and the Middle East. "This way, Madrid airport will be able to compete with the large European hubs and significantly boost the generation of wealth and employment for the country as a whole," the company points out.
IAG has invested more than 5,000 million in Spain in the last five years and is immersed in a process of transformation of its airlines. According to the group, "both Iberia and Vueling have been at the forefront of the European and global industry in terms of punctuality and profitability."
